中银国际的中国水泥行业报告

Table of Contents
CHINA CEMENT SECTOR.................................................. 1
INVESTMENT SUMMARY ................................................... 2
CEMENT IS STILL CHEAP ................................................. 3
STRONG DEMAND PULL................................................. 10
MORE CAPS ON SUPPLY SIDE ....................................... 16
PROVINCIAL ANALYSIS .................................................. 23
PEER COMPARISONS..................................................... 26
COMPANY UPDATE
ANHUI CONCH (914 HK) ....................................................... 29
CHINA NATIONAL BUILDING MATERIAL (3323 HK)................... 45
LISTED COMPANIES IN THIS REPORT .............................. 61